require exchanges to seek SEC approval before they change rules or modify fees.

Any decline in the SEC's ability to act will hurt our plans for 2013 and beyond, so that would be a bad outcome for us, he said.

The SEC's budget currently does not impact the deficit because the amount appropriated by Congress is offset by fees the agency charges the industry. Greifeld believes the SEC should be a self-funded organization similar to other financial regulators such as the Federal Deposit Insurance Corp.